During 2020, Rafael Corp. produced 38,720 units and sold 38,720 for $15 per unit. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 48,400 units. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $77,440 ($2 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $19,360. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. (b) Prepare a normal-costing income statement for the first year of operation. Rafael Corp. Income Statement-Normal Costing $